World oil demand to reach all-time high this year

[sabra]

Source: ib times

World oil demand is likely to exceed the previous all time high reached in 2007, mainly driven by huge demand from the Asian countries, a report said on Wednesday.

Oil demand globally is forecasted to reach an annual average 86.7 million barrels a day in 2010 -- 100,000 barrels a day higher than in 2007, said Wood Mackenzie.

Wood Mackenzie forecasts the demand to increase to 88.1 million bpd in 2011 and about 90 million in 2012.

"This year will see the recovery of all the demand lost during 2008 and 2009, while in 2011 world demand will be two percent above the peak pre-recession level hit in 2007. In 2012 demand will be almost four percent higher than this peak,” said Francis Osborne, analyst, Wood Mackenzie. "Only twice before in the past 30 years has demand grown as much as this, and in recent years, 2010 will be second only to the surge in 2004.”

The report said that the recovery in the global oil demand is mainly led by China where diesel, gasoil and gasoline demand is growing at eight percent annually.

Read more: http://www.ibtimes.com/articles/90346/20101209/.htm

[Bragi]

1. Yaaay!

We can all be proud to know that we were here when demand spiked higher than ever before, just one year after even the pretense of caring about climate change was abandoned.

[Speck Tater]

2. Demand at 88 million bpd and production at 70 million bdp. Yup. That will end well.

Conventional oil production peaked in 2006 at 70 million bpd: http://green.blogs.nytimes.com/2010/11/14/is-peak-oil-behind-us/

How, exactly, are we going to consume more than we produce? This is a recipe for disaster,

[Bragi]

3. I see you're stuck in reality-based thinking

Next thing you'll be blathering on about peak oil.

Get over it. Everyone has moved on. Nothing to see here.

[Newest Reality]

4. When I hear people talk about

getting America "back on track", I always wonder if they have any information about Peak Oil.

More people are aware that, currently, fossil fuels are the literal lifeblood coursing through the veins of the modern lifestyle. America has been one of the major energy gluttons, but thanks to our financially-induced devolution towards collapse, our indulgences are being curbed out of necessity.

Now that China and India are recipients of multi-national interests and investment, they are also making-up for our slack with a vengeance. All the while, we are noting that the output is at or near peak.

So, all financial and consumer considerations aside, (though what we consume depends, for the most part on fossil fuel products and materials all along the chain) how do we get "back on track" without the energy and without affordability? Happy motoring and decadent waste are not going to be sustainable, factually speaking.

Alternatives, unfortunately, still require major lifestyle shifts across the board, yesterday, and they are still nowhere near the output of conventional fuels.

[2Design]

5. they just want to justify charging $3 a gallon now to keep their profits higher

[rAVES]

6. It does that every year..so kinda pointless statement.

[Smashcut]

7. And yet, no mention production going up to meet demand

I wonder why that is?